Dealings in Securities

Summary by AI ^BETAClose X

Thungela Resources Limited announced that its executive directors and prescribed officers received off-market awards of dividend equivalent ordinary shares on April 23, 2026, as a reinvestment of dividends on previously awarded conditional share awards. The award price was R161.35 per share, with the Chief Executive Officer receiving shares valued at R400,793.40, the Chief Financial Officer receiving shares valued at R342,868.75, the Chief Operations Officer receiving shares valued at R238,959.35, the Executive Head of Technical receiving shares valued at R207,657.45, the Executive Head of Human Resources receiving shares valued at R153,927.90, the Executive Head of Corporate Affairs receiving shares valued at R153,927.90, and the Executive Head of Marketing receiving shares valued at R185,875.20. Vesting of these awards is subject to performance and employment conditions.

Disclaimer*

Thungela Resources Limited

29 April 2026

Thungela Resources Limited

(Incorporated in the Republic of South Africa)

Registration number: 2021/303811/06

JSE share code: TGA

LSE share code: TGA

ISIN: ZAE000296554

Tax number: 9111917259

("Thungela" or the "Company")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS

In compliance with paragraphs 6.77 to 6.89 of the Listings Requirements of the JSE Limited ("the JSE Listings Requirements"), shareholders are advised of the following transactions. The transactions relate to the off-market award of dividend equivalent shares following the reinvestment of dividends on previously awarded conditional share awards held by executive directors and prescribed officers. The award was made in terms of the Company's 2021 Share Plan and as contemplated in the Remuneration Policy.

Chief Executive Officer:		Moses Madondo
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		23 April 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial

Award	Number of shares		Award Price	Award Value
LTIP 2025	2,484		R161.35	R400,793.40

Chief Financial Officer:		Deon Smith
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		23 April 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial

Award	Number of shares		Award Price	Award Value
LTIP 2023	428		R161.35	R69,057.80
LTIP 2024	533		R161.35	R85,999.55
LTIP 2025	1,164		R161.35	R187,811.40

Chief Operations Officer:		Johan van Schalkwyk
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		23 April 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial

Award	Number of shares		Award Price	Award Value
LTIP 2023	334		R161.35	R53,890.90
LTIP 2024	415		R161.35	R66,960.25
LTIP 2025	732		R161.35	R118,108.20

Executive Head of Technical:		Leslie Martin
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		23 April 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial

Award	Number of shares		Award Price	Award Value
LTIP 2023	290		R161.35	R46,791.50
LTIP 2024	361		R161.35	R58,247.35
LTIP 2025	636		R161.35	R102,618.60

Executive Head of Human Resources:		Lesego Mataboge
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		23 April 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial

Award	Number of shares		Award Price	Award Value
LTIP 2023	206		R161.35	R33,238.10
LTIP 2024	265		R161.35	R42,757.75
LTIP 2025	483		R161.35	R77,932.05

Executive Head of Corporate Affairs:		Mpumi Sithole
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		23 April 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial

Award	Number of shares		Award Price	Award Value
LTIP 2023	206		R161.35	R33,238.10
LTIP 2024	265		R161.35	R42,757.75
LTIP 2025	483		R161.35	R77,932.05

Executive Head of Marketing:		Bernard Dalton
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		23 April 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial

Award	Number of shares		Award Price	Award Value
LTIP 2023	247		R161.35	R39,853.45
LTIP 2024	315		R161.35	R50,825.25
LTIP 2025	590		R161.35	R95,196.50

Vesting of the awards is conditional on pre-determined performance and employment conditions as per the original conditional shares. The LTIP 2023 is vesting on 26 April 2026, the LTIP 2024 on 24 May 2027 and the LTIP 2025 on 15 April 2028.

Award price represents the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 17 April 2026. This equates to R161.35 per share.

Clearance for these transactions has been obtained in accordance with paragraph 6.83 of the JSE Listings Requirements.

Johannesburg

29 April 2026

UK Financial adviser and corporate broker

Panmure Liberum Limited

JSE Sponsor

Rand Merchant Bank (A division of FirstRand Bank Limited)

Notification of Dealing Forms

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Moses Madondo
2	Reason for the notification
a)	Position/status	PDMR - Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R161.35	2,484

d)	Aggregated information
	- Aggregated volume	2,484
	- Price	R400,793.40
e)	Date of the transaction	23 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Deon Smith
2	Reason for the notification
a)	Position/status	PDMR - Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
a)	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R161.35	428
			R161.35	533
			R161.35	1,164

d)	Aggregated information
	- Aggregated volume	2,125
	- Price	R342,868.75
e)	Date of the transaction	23 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Johan van Schalkwyk
2	Reason for the notification
a)	Position/status	PDMR - Chief Operations Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
a)	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R161.35	334
			R161.35	415
			R161.35	732

d)	Aggregated information
	- Aggregated volume	1,481
	- Price	R238,959.35
e)	Date of the transaction	23 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Leslie Martin
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Technical
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
a)	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R161.35	290
			R161.35	361
			R161.35	636

d)	Aggregated information
	- Aggregated volume	1,287
	- Price	R207,657.45
e)	Date of the transaction	23 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Lesego Mataboge
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Human Resources
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
a)	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R161.35	206
			R161.35	265
			R161.35	483

d)	Aggregated information
	- Aggregated volume	954
	- Price	R153,927.90
e)	Date of the transaction	23 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mpumi Sithole
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Corporate Affairs
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
a)	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R161.35	206
			R161.35	265
			R161.35	483

d)	Aggregated information
	- Aggregated volume	954
	- Price	R153,927.90
e)	Date of the transaction	23 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Bernard Dalton
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Marketing
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
a)	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R161.35	247
			R161.35	315
			R161.35	590

d)	Aggregated information
	- Aggregated volume	1,152
	- Price	R185,875.20
e)	Date of the transaction	23 April 2026
f)	Place of the transaction	Off market

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END